APPEAL AGAINST CLOSURE NOTICE DISMISSED

摘要

Schechter v Revenue and Customs [2017] UKFTT 189 considered an appeal against closure notices which disallowed losses that had arisen in respect of property transactions being offset against other income. This concerned self assessment tax returns for the tax year 2008-09 prepared by Stephen Schechter and his son Lawrence Schechter (the appellants). The appellants held shares in a company incorporated in the Bahamas, Vinexsa International Ltd. Vinexsa owned two flats in London and 100% of the share capital in Sweet Revenge Ltd (Sweet Revenge), which owned a property in France.